Latest news with #AlunGriffiths
Wales Online
20-05-2025
- Business
- Wales Online
Wealthy businessman steps in to rescue the struggling firm he sold for £36m
Wealthy businessman steps in to rescue the struggling firm he sold for £36m The move could save hundreds of jobs at the firm that is behind the dualling of the Heads of the Valleys road Current Griffiths projects include the final dualling of the Heads of the Valleys road, pictured here (Image: John Myers ) A wealthy businessman has stepped in to help rescue a Wales-based construction contracting company potentially saving hundreds of jobs. It's understood Abergavenny-based businessman 79-year-old Alun Griffiths, who established Griffiths in 1968 and is a popular philanthropist in the area, is in the process of buying back the company he sold to the Tarmac group for £36m in 2018. Griffiths - also known as Alun Griffiths Contractors Ltd - is the construction firm behind the dualling of the Heads of the Valleys road and was also behind the 2010 Ryder Cup golf course in Newport. Earlier this year the firm had failed to file its accounts on time and had previously recorded four years of losses. Results filed at Companies House for 2023 showed a pre-tax loss of £95m. In a statement the company, which employs more than 900 people, said in March its review of market conditions and financial performance had led to discussions of 'proposed changes' with staff, which the Welsh Government described as 'worrying news'. In a new statement the company confirmed its intention for a 'smooth transition' following Mr Griffiths' renewed investment. Article continues below 'Tarmac will continue to work closely with Alun Griffiths Contractors Ltd to ensure there is a smooth transition on a business-as-usual basis,' they said. 'The intention is to refocus the company as a privately owned entity with an emphasis on its established strengths of safety, customer service, engineering excellence and a local geographic presence.' Mr Griffiths was confirmed as a director on May 8 on Companies House. According to Companies House he is being joined by Tim James and Simon Dunn, who both left the business just over a year ago and are returning as managing and deputy managing director. Article continues below Current Griffiths projects include the final dualling of the Heads of the Valleys road and a joint venture to develop Bristol Airport's new £60m transport hub.
BBC News
05-03-2025
- Business
- BBC News
Griffiths: Financial review 'worrying' for construction workers
The Welsh construction firm responsible for dualling the Heads of the Valleys road and building the 2010 Ryder Cup golf course in Newport says it is "consulting" staff following a financial Griffiths has failed to file its latest accounts on time and previously recorded four years of a statement to Construction News, Griffiths, which is part of the Tarmac group, said a review of "market conditions and financial performance" had led it to discuss "proposed changes" with Welsh government said the consultation was "worrying news" for workers and the local community. Established in 1968 by Alun Griffiths, the company is one of the best-known civil engineering and rail contractors in Wales and the west of business was sold to the Tarmac group in 2018 but continues to trade under the Griffiths brand. The latest available accounts from 2022 showed it employed around 900 people.A spokesperson for Griffiths said: "We have carried out a comprehensive strategic review of the business in response to recent challenges faced by Griffiths, including market conditions and financial performance."Following this review, a consultation process has begun with employees. This will work through proposed changes with our employees and hear their feedback before any final decisions are made."We're committed to continuing to deliver for our customers and suppliers in line with our contractual obligations." Current projects include the final dualling of the A465 Heads of the Valleys road in south Wales and a joint venture to develop Bristol Airport's new £60m transport it has walked away from other deals, including a commitment to build a £90m bypass in Banwell in House shows that the latest accounts for Griffiths, which trades as Alun Griffiths (Contractors) Ltd, were due to be filed by 31 December overdue accounts are for filed accounts show the company recorded losses of £20m in 2022, £38.1m in 2021, £11.6m in 2020 and £4.8m in a statement, the Welsh government said: "This is clearly worrying news for the employees of Alun Griffiths Contractors, their families and local communities."We will continue to work with Alun Griffiths Contractors during this consultation process."
